This is for anyone out there in Graziosi world.....I have a possible deal, but wanted to run it by my peeps. Here goes.....Initially, it looked (after researching county records and such) that I would be able to acquire or "lock in" a $195,000 FMV
4BED-2/12BA for $160,000. It's actually approx. $170,000 including payoff to seller ($7,000, so they can get to Venezuela) and a POA lien of about $5,000. Initially, I was going to assign but the seller (which has since then became my friend) suggested I assume the mortgage. After going with her to negotiate a mortgage re-structuring and we have an appt. tomorrow with the POA to get that lien released...I'm thinking, "Should I assume this mortgage or assign it?"
If I were to take over her mortgage/debts, what the best form/procedure to use (credit doesn't allow me to obtain a mortgage on my own right now) Is there a way to "legally" obtain this house (for my boys) where I could be the owner? (Quitclaim, Warranty Deed, Power of Attorney, Land contract????)
If I assign, what's the general rule for an investor to be interested? Does the deal need to be 30% below FMV. I'm asking that last question in a "VERY" general way.
Any and all advice would be greatly appreciated. I need to make a decision and act on it immediately! What do you think?
Thank you...Donna Palmer